Mediobanca says Unipol to start paying back FonSai debt next year
MILAN Oct 27 (Reuters) - Mediobanca Chief Executive Alberto Nagel said on Saturday he expected insurer Unipol, which now controls peer Fondiaria-SAI , to start paying back a portion of the investment bank's exposure to FonSai.
"We expect a reimbursement of 350 million euros during the next financial year," Nagel said.
Mediobanca has accumulated a total exposure of 1.1 billion euros to FonSAI and two related listed companies over 10 years, its largest exposure to a single company.
FonSAI has been recapitalised and is now being folded into Bologna-based Unipol in a complex merger that will allow the insurer to pay back its debt. (Reporting By Lisa Jucca)
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